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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
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We are at a major bottom in gold and gold shares - Bob Moriarty

We are at a major bottom in gold and gold shares - Bob Moriarty | Gold and What Moves it. | Scoop.it

TGR: People always have to eat and need a way to trade.

 

BM: You've got it. But they must have something of value to trade. I don't know whether the gold price will be $500/oz or $5,000/oz or $50,000/oz, but I can tell you that in two, three or five years, if you have a 10-ounce bar of silver in one hand and a 1-ounce gold coin in the other, you'll know you're holding something of value. Marc Faber says everybody should buy a $1M T-bill, put it in a nice frame, hang it on the wall and in 10 or 20 years when the grandkids visit, they can point to it and say, "See that? That used to be money." Paper money is already a relic. It's not a prediction-it's here now.

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Steer on Gold and Silver action - Ed Steer's Gold & Silver Daily

Steer on Gold and Silver action - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Ed Steer:

 

"Another day...another engineered price decline in all the precious metals. What I wouldn't give to see the Commitment of Traders Report for positions held at the open of London trading this morning.

 

"As you've probably already noticed...both gold and silver set new lows for this move down in Far East trading this a.m...none of it accidental of course. The term "slicing the salami" that Izzy and Ted came up with is a perfect analogy for what's currently happening.

 

"How long can this go on, you ask? That's a good question for which no one has answer. It will be done when 'da boyz' have forced out all the spec longs that they can...and made as many of them as they can go on the short side. As Ted Butler said in the paragraphs I stole from his weekend commentary...they are doing an outstanding job of this.

 

"It has dawned on a few of people now, that this may be JPMorgan's last swing for the fence. I just can't imagine why they would go to all this considerable trouble, only to go back to be the short sellers of last resort on the next rally. Their efforts, unlike the engineered take-down in December, seem far more deliberate and calculated than ever before...and ruthless too.

 

"But we won't know for sure until the next serious rally begins. And considering how far we are below the 50 and 200-day moving averages at the moment, the rally may in fact be started by JPMorgan et al as they may instigate the short-covering rally themselves, just like they did starting back in July of 2010..."

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Germany saves euro zone from recession, split deepens | Reuters

Germany saves euro zone from recession, split deepens | Reuters | Gold and What Moves it. | Scoop.it
BRUSSELS/BERLIN (Reuters) - Most euro zone governments are imposing austerity policies, often at great cost to their electorates and the chances of economic growth, hoping to counter the debt crisis by cutting their budget deficits. However, new French President Francois Hollande is heading to Berlin on Tuesday to argue for adding measures to boost growth to the formula.

 

"Tuesday's data showed a two-speed euro zone, with Italy's recession deeper than feared and Greece suffering something akin to a depression.

"There's a growing divergence in the euro zone, with particularly sharp contractions in the peripheral countries that need to do the most structural reforms, while Germany is the outperformer," said Joost Beaumont at ABN Amro in Amsterdam..."

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Embry - This is One of the Greatest Statements of All-Time is from Jim Sinclair

Embry - This is One of the Greatest Statements of All-Time is from Jim Sinclair | Gold and What Moves it. | Scoop.it

With global stock markets tumbling, along with gold and silver, today King World News interviewed John Embry, Chief Investment Strategist of the $10 billion strong Sprott Asset Management. Embry discussed gold and other major markets, but first, here is what Embry had to say regarding recent derivatives turmoil: “This makes me very uncomfortable because I’ve always been very wary of the whole derivative situation. I believe the notional value of the outstanding derivatives is comfortably north of one quadrillion dollars. The Bank of International Settlements changed the definition, so they said there is only $700 trillion worth of them, rather than one quadrillion.

 

"But it doesn’t make any difference, these (derivatives) are many, many multiples of the world GDP. If these things get in any trouble, and I think the JP Morgan thing may be the first sign of significant trouble again, it’s fantastically important to the whole financial situation. In a rational market the gold price should have been up $100, not down $40 in the wake of this.

 

"I would defer to Jim Sinclair, who I have the utmost respect for on this one. He has said for a long time that the derivative situation ‘guarantees quantitative easing to infinity,’ which is one of the great statements of all-time...."

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From the Desk of Jim Sinclair « Jim Sinclair's Mineset

"My Dear Extended Family,

 

"Your greatest enemy now is your emotions. In fact it is the only tool that can be used against you.

 

"If you have not taken margin your worst case scenario is the pain of quoting. I have suggested at various times since $248 gold that you dig a hole, jump in and pull a rock over your head. Each time I did I was derided thoroughly by the shorts. Each time I did the price of gold went significantly higher.

 

"The price of gold is going much higher. The problems that give gold its reason to go higher are growing, not waning.

 

"The entire thesis for gold is illustrated by the three Skiers posted on the weekend.

 

"There is no political will for the results of an EU break up. There is no way the Fed is going austere as the austerity is exploding in the face of Europe politically.

 

"There has been no decline in the amount of notional value of OTC derivatives outstanding. If you think Morgan is the only derivative problem out there you are quite wrong.

 

"Stay the course, stop looking every few minutes, and quiet your emotions. Gold will trade at and above $2111 after this reaction is completed.

 

"Respectfully, Jim"

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Who Is Crashing The System?

Who Is Crashing The System? | Gold and What Moves it. | Scoop.it

With continued volatility in many of the key global markets, 40 year veteran, Robert Fitzwilson wrote this exclusive piece for King World News. Fitzwilson is founder of The Portola Group, one of the premier boutique firms in the United States. Here are Fitzwilson’s observations: “We know that the world’s debt-based, fiat money system can only be revived and sustained by the combination of more debt creation and consumption. We have arrived at a critical point in history.

 

“It has been a common belief, ours included, that there are two alternatives, print more fiat money or risk a catastrophic global depression. A sane person will only choose the ‘print’ option that leads to the avoidance of an economic Armageddon, even if the effect is just temporary.

 

"But, what if this is a flawed scenario and set of assumptions? What if there is another path, and that path is to effectively crash the system? We all know that the accumulated and accrued obligations cannot be repaid and paid, respectively.

 

"We are in a destructive feedback loop in which new fiat money is created to pay for current and growing expenses, effectively creating even more obligations for future taxpayers. Individuals are told that other people will be taxed to pay for their entitlements when the reality is that they are creating future obligations for themselves.

 

"While not a prediction, it is wise to consider another alternative..."

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Will a Euro breakup boost gold and silver prices? | MINING.com

Will a Euro breakup boost gold and silver prices? | MINING.com | Gold and What Moves it. | Scoop.it

"Greek politicians are struggling to form a new government. Concerns are increasing that Greece will drop the euro.

 

"Last week we spoke about the upcoming election in France, where we saw a changing of the regime over the weekend. France's new socialist leader Francois Hollande is much more supportive of the European Central Bank intervening to boost the European economy by taxing the rich and industry. This is at odds with Angela Merkel of Germany, who faces a possible ousting herself as it is clear that austerity is not popular. At one point there was a strong partnership between France and Germany, but voters are choosing socialist means of taxing the rich rather than boosting industry like the Chinese and Russians. This may be destabilizing, causing investors to return to gold and silver as a hedge against a European currency on the brink of a possible crash.

 

"This means we may see a new round of euro uncertainty this summer, which could lead to the next leg higher in precious metals. While the Europeans may be selling their gold to raise capital, the Chinese are important gold at a record pace and are becoming the largest consumer. China's imports of gold have skyrocketed more than sixfold in the first quarter. China is realizing the need to increase its reserves and is on the record that it is on the search for natural resources worldwide..."

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How Much Is Your Coin Worth?

"The nickel is the one coin left in circulation that is worth more than its face value. Now is the time to begin hoarding nickels before their metal content is debased and they become worthless.”

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oftwominds-Charles Hugh Smith: The Kobayashi Maru Test and the Job Market

oftwominds-Charles Hugh Smith: The Kobayashi Maru Test and the Job Market | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"The conventional pathways in the job market aren’t working any longer; the alternative is to exit the no-win scenario.

 

"The Kobayashi Maru test of Star Trek fame is a classic no-win situation. Star Fleet Academy students are given command in a no-win scenario: either ignore a distress call of a Federation ship inside the Klingon (enemy) zone or enter the zone on a doomed rescue mission and lose your own ship in a hopeless battle against vastly superior forces.

 

"Captain Kirk evaded the no-win choices by reprogramming the computers to enable him to win. I think the job market can be profitably viewed as a Kobayashi Maru test: the conventional either/or choice--do something you dislike for job security or go to grad/law school for an advanced degree--is a false choice..."

 

{Got to love a Star Trek analogy}

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Millions Of Illegal Immigrants Are Using A Massive Scam To Get Much Bigger Tax Refunds Than You Are

Millions Of Illegal Immigrants Are Using A Massive Scam To Get Much Bigger Tax Refunds Than You Are | Gold and What Moves it. | Scoop.it

"Did you know that illegal immigrants all over the United States are using a massive scam to receive tax refunds from the federal government that are often in excess of $10,000? It is estimated that 2 million illegal immigrants are filing fraudulent tax returns each year and that they are pulling in more than 4 billion dollars in tax refunds every year that they are not entitled to. They are doing this by abusing the additional child tax credit and the IRS knows all about it and yet they refuse to do anything to stop it. Illegal immigrants are filing tax returns that sometimes claim 10 or 12 nieces and nephews as dependents, and most of the time those nieces and nephews do not even live in the United States..."

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Indian central bank challenged in court to repatriate country's gold | Gold Anti-Trust Action Committee

Indian central bank challenged in court to repatriate country's gold | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

"A technocrat-turned-public interest litigant, Raghunath Shankar Kelkar, has challenged the Reserve Bank of India's move to deposit abroad 265.49 tonnes of gold out of its total stock of 557.75 tonnes by filing a public interest litigation in the Bombay High Court and has demanded that the precious metal be brought back into the country according to the provisions of the law.

 

"Kelkar, 56, who used to manufacture computers, has filed the petition as he found that the move by the central bank contradicts Section 33(5) of Reserve Bank of India Act of 1934, which stipulates that 85 per cent of the bank's gold reserves should be kept in India...."

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Bernanke Warns Of Potential Problems With Community Banks

Bernanke Warns Of Potential Problems With Community Banks | Gold and What Moves it. | Scoop.it

By ELEAZAR DAVID MELÉNDEZ 

 

"Federal Reserve Chairman Ben Bernanke, speaking on Thursday via teleconference to a Chicago bankers' conference, took an uncharacteristic swipe at community banks, suggesting that those institutions might not be as sure-footed as their balance sheets would have them appear.

 

"While standard measures of community banks' profitability, such as return on equity and assets, improved last year, as was also true at larger institutions, most of the gains were due to reductions in loan loss provisions rather than to more sustainable sources of profit, such as expanded lending," Bernanke said.

 

"The comment stood out in a speech otherwise focused on the country's financial system being in recovery. While noting that "banks still have more to do to restore their health and adapt to the post-crisis regulatory and economic environment," the Fed chairman pointed out how stabilization in non-mortgage lending and rising asset prices meant the business landscape for banks had "improved significantly in the past few years..."

 

{It's not enough for him to tell you gold is useless (while CB's are hoarding it) but now he's telling you that community banks who aren't into risky trading aren't all that great either? Wow. What do you think this man's game plan is?}

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Gold ‘Will Go To 3,000 Dollars Per Ounce’ - Rosenberg | ZeroHedge

Gold ‘Will Go To 3,000 Dollars Per Ounce’ - Rosenberg | ZeroHedge | Gold and What Moves it. | Scoop.it

by Tyler Durden:

 

"A close below $1,580/oz could see gold test support at $1,523/oz and $1,533/oz – the lows in December and September 2011 respectively.

 

"Gold fell after shares in Asia were hit by JPMorgan's massive $2 billion loss, political turmoil in the euro zone and also by weak economic data from China. The JP Morgan loss may be higher than $2 billion and could lead to sharper sell offs in markets which could lead to further gold weakness.

 

"However, the JP Morgan loss is gold positive as it shows how little reform there has been of Wall Street and the global financial system which continues to resemble a casino. It also shows that systemic risk remains..."

 

Click over to read Rosenberg's take on Gold.

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Strategies for Weary Gold Stock Investors - Casey Research

Strategies for Weary Gold Stock Investors - Casey Research | Gold and What Moves it. | Scoop.it
A precious-metals analyst reveals six action steps for gold stockholders to take while they're waiting for the yellow metal to turn around.
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Trader Dan's Market Views: Gold Probing the $1550 Level

Trader Dan's Market Views: Gold Probing the $1550 Level | Gold and What Moves it. | Scoop.it

From Trader Dan:

 

"Gold's move down towards $1550 has in the past attracted very substantial Central Bank gold buying. Hopefully this will remain the case as the market is now pushing towards the lower band of an eight month long trading range. If speculative selling of the metal is not absorbed down here and the market were to break below $1520 and fall to recover quickly, it will more than likely drop below $1500.

 

"My own thinking on this is that the markets are moving so quickly away from risk and out of basically everything except Treasuries or cash, that the Fed is going to have a major problem on their hands if they do not soon give some sort of signal that they are preparing to act to stem the deflationary decline. JP Morgan's $2 Billion credit derivatives-based loss has spooked the banking sector and that is the one sector that the monetary officials do not want to see going from bad to worse. Keep in mind that back in 2008, once Lehman went under with Bear Stearns following, it was the woes of the financial sector that pulled the rug out from under the entire US economy and the US equity markets. The Fed is well aware of this and I suspect will not want to wait too long before beginning to make some noise to keep the markets from becoming too roiled..."

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Greek Economy Shrinks Further - Wall Street Journal

Greek Economy Shrinks Further - Wall Street Journal | Gold and What Moves it. | Scoop.it
Greek ReporterGreek Economy Shrinks FurtherWall Street JournalBy ALKMAN GRANITSAS AND NEKTARIA STAMOULI ATHENS—The Greek economy shrank further at the beginning of the year, official data showed Tuesday, confirming that the country remains deeply ...
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German Bundestag assessment examines gold reserves

German Bundestag assessment examines gold reserves | Gold and What Moves it. | Scoop.it

from Welt Online:

 

"On the evaluation of gold reserves, there is a dispute. The Court notes a "lack of diligence in accounting." Now examine the allegations of the Financial Committee.

 

"The Bundestag takes the balance of the German gold reserves of the Bundesbank targeted. The Budget Committee had requested the opposition of the Bundesbank, a critical report by the Federal Audit Office, told the "Bild" newspaper.

 

"The decision has been unanimous," the paper quoted the CSU budget expert Herbert Frankenhauser. The newspaper is reporting "record-cheating" in the German gold reserves of the speech.

 

"In his report of the Auditors allege "inadequate attention in the accounting for gold reserves, which are stored in some foreign countries," it says in addition to the "image". The return of the gold stocks will be stimulated. German gold reserves are part of foreign central banks.

 

"The Court would weaken the report with regard to the security of other countries and provide Parliament with a shorter summary available that could be used only in the secret shelter of the Bundestag.

 

"Bundesbank President Jens Weidmann was trying to move the head of the Union party to prevent the requirement of the report.

 

"Germany has, by the United States with more than 3,400 tons of the world's second largest gold reserves. They are managed by the Bundesbank and are part of international reserves."

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Stephen Leeb tells King World News, “You may see a situation where gold is at $1,400..."

Stephen Leeb tells King World News, “You may see a situation where gold is at $1,400..." | Gold and What Moves it. | Scoop.it

With a sea of red across virtually all markets, today King World News interviewed acclaimed money manager Stephen Leeb, Chairman & Chief Investment Officer of Leeb Capital Management. Leeb told KWN that global financial markets are in an extraordinarily unstable situation. Leeb also said investors should expect to see more “tumutuous events” ahead. But first, here is what Leeb had to say about the derivatives crisis the world faces today: “When you start talking about quadrillions (of dollars), you are talking about numbers that are 1,000 times larger than $1 trillion. GDP is measured in trillions, and when you start talking quadrillions, you are talking about numbers that dwarf worldwide GDP...

 

“...You may see a situation where gold is at $1,400, and then two months later it’s at $2,500. That’s just one of many possible scenarios. We don’t know the bottom for sure right now, but one thing is certain, you are going to see new highs in gold. Investors just need to hang in there."

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Ben Davies - 3rd LTRO Coming & Fed to Power Up Swap Lines

Ben Davies - 3rd LTRO Coming & Fed to Power Up Swap Lines | Gold and What Moves it. | Scoop.it

With so much fear and uncertainty in markets around the world, today King World News reached out to Ben Davies, CEO of Hinde Capital. Davies told KWN that “Bank capital is scarce” and “the ECB will react with a 3rd LTRO as their is no alternative for them.” He also said, “the FED will power up the US dollar Swap lines.” Davies also discussed gold, but first, here is what he had to say about what is happening in Europe: “I would note we are in a deflationary spell. The European default process, I outlined over last few years, is about to become disorderly. The Greek risk escalates the disorderly default risk for others in the periphery. The ECB and IMF stand to lose most on the Greek default, hence the 5.2 billion euro disbursement, paid on 10th May...

 

"...Gold bearish sentiment is becoming extreme and with solid physical demand we are not over-thinking the market here. We are in a big range call it 1550 – 1850. Moves lower will be short lived. Gold mining costs are really $1250 to $1350 and this is the ultimate floor in market. Talk of $1,000 gold is only applicable if all assets collapse in deflationary fall out. In such scenario remember your purchasing power is what is important not nominal prices..."

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70 MILLION OF THE 140 MILLION WORKING AMERICANS MAKE LESS THAN $25,000 « The Burning Platform

70 MILLION OF THE 140 MILLION WORKING AMERICANS MAKE LESS THAN $25,000 « The Burning Platform | Gold and What Moves it. | Scoop.it

"Half of all wage earners made less than $26,364 in 2010..."

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A FEW MINUTES WITH “RANTING ANDY” | The Prospector Blog

A FEW MINUTES WITH “RANTING ANDY” | The Prospector Blog | Gold and What Moves it. | Scoop.it

"Prospector Question: The perception today is that plenty of new bullion (both gold & silver) is available but we both know this is far from true. Does the average PM fence sitter truly realize how little PM actually exists?

 

"Ranting Andy: I don’t feel such a perception exists, as nearly no one – particularly in the States – is even aware of Precious Metals, let alone to have an opinion on supply. In other words, the “average PM fence sitter” probably describes less than 1% of the U.S. population, and less than 10% of the world population..."

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The Influence of the General Stock Market and Crude Oil on Gold | P Radomski | Safehaven.com

The Influence of the General Stock Market and Crude Oil on Gold | P Radomski | Safehaven.com | Gold and What Moves it. | Scoop.it

by p Radomski:

 

"We're getting whiplash from all the political changes in Europe, neo-Nazis in an unstable government in Greece and a changing of the guard in France-- "adieu" to Nicolas Sarkozy. We see plenty of reasons for holding on to our long-term gold positions despite the clobbering the yellow metal got on Wednesday down to a four-month low. The euro tumbled this week against the dollar in the worst run since 2008. There is an intense resurgence of political risk in Europe and a couple of months of weak jobs numbers in the U.S. All that has put stimulus back on the table. Another item on the table is the risk of a Greek euro exit, which has risen to as high as 75 percent; according to Citigroup Inc. We also see a rising anti-austerity tide gaining ground in Europe and the abolishing of a gold excise duty in India, all favorable for gold..."

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The Golden Truth: "My Investing Model is ABCD: Anything Bernanke Cannot Destroy"

The Golden Truth: "My Investing Model is ABCD: Anything Bernanke Cannot Destroy" | Gold and What Moves it. | Scoop.it

"We are in the last innings of a very bad ball game. We are coping with the crash of a 30-year–long debt super-cycle and the aftermath of an unsustainable bubble - David Stockman."

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Living the California debt based dream – Bankruptcies in California increased 557% | ZeroHedge

Living the California debt based dream – Bankruptcies in California increased 557% | ZeroHedge | Gold and What Moves it. | Scoop.it

"The California housing market sits in an odd stage of limbo. You can see that the public for the most part is fully aware of the situation like an Alamo standoff in real estate. People fully acknowledge now that banks are holding off a tremendous amount of inventory. There is little that is secretive about the shadow inventory at this point. Yet with all the distressed properties, people are looking at artificially low rates and are wondering if this is the time to buy (assuming they are not one of the 20+ percent that are underemployed). Adjustable rate mortgage use is at all-time lows and why would you not go with a fixed rate given the insanely low rates? Yet the market and economy is not healthy. Mortgage rates and low inventory would be signs of a healthy market in other times but the opposite is the case. What does this mean for housing going forward?"

 

{Forward?... Isn't that the President's new slogan?}

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India's March Industrial Output Tanks

India's March Industrial Output Tanks | Gold and What Moves it. | Scoop.it
India's industrial output fell 3.5 percent in March from a year earlier, according to government data, triggering a fall in the Sensex and the rupee.
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